Nov. 13 (Bloomberg) -- Citigroup Inc. has assured SinoPac Financial Holdings Co., the Taiwan lender with the most holdings in structured investment vehicles, or SIVs, it will support products it sold to the company, a SinoPac executive said.
The pledge was made in a letter Citigroup sent to SinoPac, which has bought 60 percent of its SIV investments from the U.S. bank, said Richard Chang, executive vice president of the Taiwanese lender, in a phone interview today in Taipei.
``The Citigroup letter said its top levels will give the highest attention to our SIV investments and it will try its best effort to support this and provide liquidity,'' Chang said. ``It's a relief to us as Citigroup wouldn't have said so if it feels the situation isn't under control. Overall losses will be limited.''
oh, the situation is under control. ok.
Sinopec owns $210 million of Citigroup backed paper.
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